How to Open a Bank Account in Brazil

It is not easy opening a bank account in Brazil. If you are planning on taking a trip to Brazil and figure it would be nice to have a local account while visiting, forget it. If you want to open an international account, good luck. First, you must be able to read and write Portuguese. All applications and forms are written in Portuguese. If you are married to a Brazilian, then your spouse can act as a sponsor for you. Laws change very frequently in Brazil, so if you want the most current criteria, it is best to contact an international attorney or the Brazilian consulate for details.

Instructions

1. Register with the Receita Federal (Federal Revenue, Brazil's version of the IRS) to receive a CPF (Cadastro de Pessas Fisicas, or Natural Persons Register). They will assign you a number, much like a social security card, that will allow them to track your taxable income.

2. Show the bank your CPF and your CIE (Cédula de Identidade de Estrangeiro, or Brazilian Identity Card for Foreigners). The CIE is a permanent work visa or a visa with permanent rights to live in Brazil.

3. Bring cash. In early 2009, the exchange rate for the Brazilian real is 2.38829 to the American dollar. The Brazilian banks require a deposit of R$500 to R$700. That is $209.995 USD to $293.993 USD. A rates converter is linked at the bottom of this article for your convenience, as exchange rates can fluctuate frequently.

4. Talk to the manager of the bank. Yes, this sounds odd, but it is a reality. The manager has sway over the rules and regulations as he sees fit. Their mood can and will influence the ability of a foreigner opening a bank account at his bank.

Resources

• Rates converter